Financial News · Live Terminal

Page 9 of 24

Meta Raises 2026 CapEx Forecast Amid High Component Pricing; First-Quarter Results Top Views

Meta Platforms (META) shares fell early Thursday as the Facebook parent raised its full-year capital expenditure guidance mainly due to higher component pricing, even though it reported stronger-than-expected first-quarter results.The technology giant now anticipates capital expenditures to be in a range of $125 billion to $145 billion for 2026, up from its previous projections of $115 billion to $135 billion, Chief Financial Officer Susan Li said in a late Wednesday statement."We are increasing our infrastructure (capital expenditure) forecast for this year," Chief Executive Mark Zuckerberg said during an earnings call, according to a FactSet transcript. "Most of that is due to higher component costs, particularly memory pricing."Capital expenditures stood at $19.84 billion for the March quarter. Shares of the company, which also owns WhatsApp and Instagram, fell nearly 9% in the most recent premarket activity."The trend over the last few years seems clear that we are seeing an increasing return on the amount that we can improve engagement for people and value for advertisers," Zuckerberg said. "This encourages us to continue investing heavily in what we expect will provide increasing value over the coming years as well."Microsoft (MSFT) said Wednesday that it expects capital expenditures of $190 billion for the 2026 calendar year, including roughly $25 billion from higher component pricing.Meta continues to see regulatory scrutiny over youth-related issues and has additional trials scheduled in the US this year, which may result in a "material loss," Li said. On Wednesday, the European Commission said it preliminarily found Meta to be in breach of the Digital Services Act for failing to prevent minors under 13 from accessing Instagram and Facebook.For the first quarter, the company's net income surged to $10.44 a share from $6.43 the year before, topping FactSet-polled consensus of $6.67. Revenue climbed 33% to $56.31 billion, ahead of the Street's view for $55.56 billion.Advertising revenue jumped to $55.02 billion from $41.39 billion in the 2025 quarter. Average price per ad inclined 12%, amid broad-based growth as the group benefited from ad performance improvements, better macro conditions versus the prior-year period and currency tailwinds in international regions, Li said on the call.Daily active users for the company's family of apps, including Facebook, Instagram and WhatsApp, increased 4% on a yearly basis to 3.56 billion on average for March, but were down on a quarterly basis due to internet disruptions in Iran, as well as a restriction on access to WhatsApp in Russia. Revenue for Reality Labs, Meta's virtual reality research unit, declined to $402 million from $412 million last year.For the current three-month period, the tech giant expects revenue to come in between $58 billion and $61 billion, including a 2% foreign-exchange tailwind. The Street is looking for $59.62 billion.Google parent company Alphabet (GOOG, GOOGL) also disclosed first-quarter results above Wall Street's estimates late Wednesday, while e-commerce giant Amazon (AMZN) issued an upbeat second-quarter revenue outlook.

$AMZN$GOOG$GOOGL$META$MSFT

US Markets9d ago

Eurozone Economy Slows in First Quarter; April Inflation Hits 3% as Energy Prices Surge

The euro area economy slowed in the first quarter, while annual inflation accelerated in April on the back of surging energy costs, preliminary data showed Thursday.The eurozone's monthly gross domestic product ticked up 0.1% in the first quarter, against the prior three-month period gain and market forecast of 0.2%, according to Eurostat's flash data. On an annual basis, the economy expanded 0.8%, down from the previous quarter's growth rate of 1.3% and an expected 0.9% gain.Data released earlier on Thursday showed that French GDP stalled in the first quarter after a 0.2% uptick in the previous three-month period, missing analyst expectations of continued 0.2% growth. In contrast, data from Spain showed that the national economy continued to expand, though growth eased slightly to 0.6% from 0.8%. Meanwhile, Germany's GDP edged up to 0.3% from 0.2% in the prior quarter, beating consensus estimates of a 0.1% uptick.In terms of inflation, the consumer price index in the euro area climbed 3% year over year in April, in line with consensus and compared with 2.6% in March. On a monthly basis, consumer prices came in 1% higher.Energy prices emerged as the primary driver of April inflation, with the annual rate more than doubling to 10.9% from March's 5.1%. Elsewhere, services inflation slowed, while the increase in food, alcohol, and tobacco prices, as well as non-energy industrial goods, edged slightly higher.Excluding energy, food, alcohol and tobacco, inflation was 2.2% in April, coming in slightly below both the previous month's reading and market forecast of 2.3%.On the labor front, the seasonally adjusted unemployment rate in the euro area stood at 6.2% in March, down from the revised 6.3% in February. The latest reading is consistent with the market forecast.Against this backdrop, the ECB is anticipated to hold the deposit rate steady at 2% during Thursday's meeting. In a preview report published April 24, Danske Bank expects the market to focus on future policy cues."With an unchanged decision in April all focus during the meeting will be on signals, and we expect Lagarde to leave the door open for summer hikes in order to keep inflation expectations anchored. The ECB is likely broadly satisfied with the current market pricing of 65 [basis points] worth of hikes this year. Although we do see room for market pricing falling slightly as most recent communication from the ECB's [Governing Council] members has increasingly mentioned deteriorating growth prospects from higher energy prices. For this reason and given the extraordinary uncertainty about the economic outlook, we do not expect any pre-commitments to summer hikes," Danske Bank wrote.

$^SXXP

US Markets9d ago

Air China Returns to Profitability in Q1 Amid Energy Shocks; Hong Kong Shares Slide 3%

Air China (HKG:0753) returned to profitability in the first quarter, which could indicate resilience in the industry despite global energy shocks.Attributable net profit at China's flag carrier reached 1.71 billion yuan, compared with a loss of 2.04 billion yuan the previous year, according to a Thursday disclosure to the Hong Kong Exchange.Earnings per share stood at 0.10 yuan, versus a loss per share of 0.12 yuan.The rebound in earnings indicates a resilience in China's aviation sector, especially as it recovers from fuel shocks, Bloomberg reported separately on Thursday.The growth is also in line with expectations from Bank of America Securities.Two other major airlines, China Southern Airlines (HKG:1055, SHA:600029) and China Eastern Airlines (HKG:0670, SHA:600115) also recovered from losses in the first quarter compared with the year-ago period.Air China's turnaround could also mean alignment with other big Asian carriers such as Singapore Airlines (SGX:C6L) and Cathay Pacific (HKG:0293), the report said.However, Air China and its government-controlled peers could be "adversely positioned" due to a more price-sensitive travel cohort in China, as well as high fuel costs which they struggle to pass on to passengers, Reuters quoted HSBC (HKG:0005) as saying.The airline's revenue rose 11% year over year to 44.5 billion yuan from 40.0 billion yuan.Passenger capacity jumped 7.6% to 95.2 available seat kilometers during the quarter. The rise could be attributable to demand during the Lunar New Year, Reuters reported separately.Passenger throughput grew 10% to 42.1 million during the quarter, with domestic passenger count growing 10% to 35.8 million, international passenger count rising 12% to 4.9 million, and regional passenger count increasing 18% to 1.3 million.Cargo and mail throughput during the quarter grew 4.3% to 362,995.4 tonnes, while cargo capacity jumped 3.6% to 3.48 billion available freight tonne kilometers.Chinese international airline capacity could rise 13% year over year during the summer, equivalent to 91% of 2019 levels, Reuters said, citing Bank of America.Shares fell 3% in Hong Kong during Thursday afternoon trading.

$HKG:0005$HKG:0293$HKG:0670$HKG:0753$HKG:1055$SGX:C6L$SHA:600029$SHA:600115$SHA:601111

US Markets9d ago

Midea's Q1 Profit Grows Modestly on Weaker Appliance Demand

Midea's (SHE:000333) net profit edged up in the first quarter amid weakening demand for white goods in China.The appliance manufacturer's net profit attributable to shareholders in the first quarter rose 2% to 12.7 billion yuan from 12.4 billion yuan a year earlier, according to a Hong Kong filing on Thursday.Earnings per share increased 3.7% year on year to 1.69 yuan from 1.63 yuan. Visible Alpha analysts forecast EPS at 1.65 yuan.Profit from nonrecurring gains slid 14% to 11 billion yuan from 12.7 billion yuan. The decline could mean underlying earnings pressure despite steady cash from operations, TipRanks said in a report Thursday.Operating revenue was 131.1 billion yuan, 2.6% higher than 127.8 billion yuan in the previous year and higher than Visible Alpha analysts' forecast of 131 billion yuan.Total revenue grew to 131.6 billion yuan from 128.4 billion yuan.The top line at the company's building technology operations grew 10% to 10.8 billion yuan, while its robotics and automation revenue grew 12% to 8.2 billion yuan.However, industrial technology revenue slid 12% to 6.8 billion yuan.Domestic sales growth may have outgrown overseas performance during the quarter, CLSA reported.Demand for white goods from China may have declined in March compared with a rebound in January and February, according to a note by investment bank Jefferies released earlier in April.The appliance maker' exports may have seen pressure due to slowness in developed markets, the investment bank said.Looking forward, as domestic demand reins on the growth of domestic sales, overseas sales could rise in high single digits on a lower base, the financial services company said.Midea's upcoming cooperation with Electrolux in the refrigeration and fabric care sectors could help the Chinese company's foray into the U.S. market, CLSA said.Shares rose 1% in Hong Kong during afternoon trading on Thursday.

$HKG:0300$SHE:000333

US Markets9d ago

Abu Dhabi Islamic Bank's First-quarter Profit Beats Consensus on Balance Sheet Growth, Customer Acquisitions

Abu Dhabi Islamic Bank (ADX:ADIB) reported stronger-than-expected first-quarter earnings on Wednesday, driven by balance sheet expansion and continued customer acquisition across key segments.Profit attributable to equity holders of the bank for the three months ended March 31 rose year over year to 1.71 billion Emirati dirhams from 1.62 billion dirhams, while EPS increased to 0.444 dirham from 0.417 dirham. Analysts polled by FactSet expected net income of 1.65 billion dirhams.At the same time, the lender's net impairment charge swelled 50% annually to 158 million dirhams, but cost of risk remained "fairly stable" at 0.48%, in line with guidance. The nonperforming asset ratio improved further to 2.6%, a record low for the Islamic bank.With 66,000 new customers and sustained business volumes, the group's operating income rose to 4.73 billion dirhams, from 4.12 billion dirhams a year ago. Of the total, funded income climbed 17% to 2 billion dirhams, thanks to higher financing volumes and sustainable returns. Non‑funded income edged up 4% to 1.2 billion dirhams as investment income gained 10%.Across the balance sheet, total assets expanded by 18% to 287 billion dirhams, led by financing growth in both retail and corporate banking and an expansion of the group's investment portfolio. Customer deposits increased 20% to 239 billion dirhams, while return on equity stood at 27.1%."We will continue to focus on strategic priorities as part of Vision 2035," Group Chief Executive Officer Mohamed Abdelbary said. "Our strong balance sheet, diversified operating model, and healthy pipeline enable us to continue supporting our customers and the wider economy while focusing on sustainable and long-term value creation."

$ADX:ADIB

US Markets9d ago

SAIC Motor's Q1 Earnings Stall as Domestic Slowdown Offsets Export Momentum

SAIC Motor (SHA:600104) posted flat growth for the first quarter of 2026 versus a year earlier, as a cooling domestic market in China weighed on the automaker's overall performance.Attributable net profit inched up 0.9% to 3.03 billion yuan from 3.02 billion yuan, according to the automaker's latest financial report published Thursday to the Shanghai Stock Exchange.Earnings per share rose slightly to 0.265 yuan from 0.264 yuan, beating analysts' forecast of 0.13 yuan in a Visible Alpha survey.Total operating revenue slipped 0.3% to 140.4 billion yuan from 140.9 billion yuan in the previous year, missing the Visible Alpha forecast of 141.4 billion yuan.The sluggish performance follows a broader downturn in the Chinese automotive sector, where domestic sales fell for the sixth straight month in March, according to data from the China Passenger Car Association.Domestic car sales slumped 15.2% year on year to 1.67 million vehicles in March due to rising fuel prices amid the Middle East conflict, Reuters reported earlier in April.Exports, on the other hand, grew 73.7% in March to nearly 700,000 vehicles.SAIC was not immune to these trends. In March, the carmaker's sales fell 2.6% to 375,870 units, while output dropped 9.1% to 355,336 units.To attract more buyers, SAIC has recently doubled down on partnerships, recently striking a model development agreement with Vala (HKG:2051) to develop a new car model.SAIC also recently disclosed plans to roll out a third model developed in partnership with Germany's Audi in 2027. Their second SUV model, the AUDI E7X, was launched at this year's Beijing Auto China.SAIC also plans to expand further in Europe by establishing an electric vehicle factory in Spain, Bloomberg News reported Friday, citing insiders.While Hungary was previously considered due to EV and battery investments in the country in recent years, sources told Bloomberg that SAIC has ultimately selected Spain for its upcoming electric vehicle factory as the country is offering incentives and has been positioning itself as an EV investment hub.

$HKG:2051$SHA:600104

US Markets9d ago

Wingtech's Losses Deepen in 2025 Amid Nexperia Control Dispute

Wingtech's (SHA:600745) losses widened in 2025 as it continues to grapple with a complex dispute involving its semiconductor subsidiary, Nexperia.The Chinese semiconductor company's net loss attributable to shareholders ballooned to 8.75 billion yuan from 2.83 billion yuan a year earlier, according to a Shanghai bourse filing on Thursday.Loss per share widened to 7.03 yuan from 2.28 yuan a year earlier.Operating revenue dropped 58% to 31.3 billion yuan from 73.6 billion yuan in the previous year.The primary driver behind the decline was the loss of control over Nexperia in 2025. Following a seizure by the Dutch government over national security concerns regarding technology exports, Wingtech's production capabilities were severely disrupted.While Wingtech eventually secured licensing exemptions for semiconductor exports from Nexperia, its control over several of the unit's overseas entities remain restricted.As a result of the Nexperia fallout, Wingtech said it booked an investment loss of 8.95 billion yuan in 2025."The company is actively pursuing legal remedies and simultaneously advancing domestic supply chain development, relying on existing domestic capacity to ensure supply to customers in China and globally, while safeguarding shareholder interests," Wingtech said.Wingtech added that Nexperia China is working with Chinese partners to actively establish and integrate its transistor product lines.The downward trend persisted into the first quarter of 2026, with Wingtech reporting an attributable loss of 189.3 million yuan, versus an attributable profit of 261.4 million yuan a year earlier.Loss per share stood at 0.15 yuan, compared with earnings per share of 0.21 yuan a year prior.Operating revenue in Q1 plummeted 94% to 816.4 million yuan from 13.1 billion yuan in the preceding year.Despite these challenges, the broader Chinese semiconductor industry is pushing self-sufficiency in response to trade restrictions from the US and other partners.Analysts suggest that rising local demand and the use of domestic solutions to bridge the "compute gap" could help stabilize revenue for the sector later this year, CNBC reported earlier in April.

$SHA:600745

US Markets9d ago

Agricultural Bank of China Posts Modest Q1 Profit Growth as Credit Provisions Bite

Agricultural Bank of China (HKG:1288, SHA:601288) recorded a modest increase in profit in the first quarter of 2026 versus a year earlier, as the lender booked a sharp jump in credit provisions.Profit attributable to shareholders in Q1 jumped 4.5% to 75.2 billion yuan from 71.9 billion yuan, according to a Shenzhen Stock Exchange filing on Thursday.Earnings per share edged up 5.3% year on year to 0.20 yuan from 0.19 yuan.Operating income rose 10.5% to 206.3 billion yuan from 186.7 billion yuan, driven by two main factors. Net interest income climbed 7.6% to 151.2 billion yuan, helped by a 3% drop in interest expense to 152.2 billion yuan, even as interest income edged up 2% to 303.4 billion yuan. Net fee and commission income grew 7.9% to 30.2 billion yuan.Net interest margin, a gauge of profitability, was at 1.26%, the bank said without providing comparable figures.The bank also booked a larger gain on the derecognition of amortized cost assets at 11.1 billion yuan from 6.3 billion yuan in Q1 2025.Additionally, ABC booked a sevenfold jump in net gains on financial investments to 2.8 billion yuan from 420 million yuan.The cost-to-income ratio shrank 157 basis points to 24.01%, as operating expenses grew just 3.6% to 54.0 billion yuan against operating income growth of 10.5%.Meanwhile, credit impairment losses ballooned in Q1 to 73.7 billion yuan from 57.1 billion yuan. As a result, operating profit rose only 1.4% to 78.7 billion yuan from 77.6 billion yuan.The bank did not provide a breakdown of where provisions were allocated.This, however, was partially offset by a lower tax bill. Income tax expense shrank 44% to 3.1 billion yuan from 5.5 billion yuan.Income tax paid during the quarter narrowed sharply to 8.6 billion yuan from 25.7 billion yuan a year earlier.ABC is one of China's five biggest lenders alongside Industrial and Commercial Bank of China (SHA:601398, HKG:1398), Bank of Communications (SHA:601328, HKG:3328), China Construction Bank (SHA:601939, HKG:0939) and Bank of China (HKG:3988, SHA:601988).ABC is the second-largest in terms of asset size. Total assets in Q1 expanded 4.6% from the end of 2025 to over 51 trillion yuan.Loans and advances to customers grew almost 5% to 28.5 trillion yuan, with corporate loans accounting for 16.7 trillion yuan, retail loans 9.7 trillion yuan, and discounted bills 1.6 trillion yuan. The bank's financial investments in Q1 rose 5.1% to 17.1 trillion yuan.In terms of asset quality, the bank's non-performing loan ratio edged down to 1.25% from 1.27%, with its non-performing loan balance rising by 11.9 billion yuan to 355.4 billion yuan.Allowance to non-performing loans was unchanged at 292.55%.Ming Tan, a director at S&P Global Ratings, said Chinese banks "have little direct exposure to the Middle East," as per Singapore Business Times."If the war worsens, it could have second-order impacts on asset quality. Chinese megabanks have above-average exposure to sectors such as transportation, utilities, and manufacturing. These sectors are hit harder by higher energy prices," Tan added.Meanwhile, Bloomberg reported, citing Morgan Stanley analysts, that Chinese banks could see a revenue recovery in 2026 as margin pressure softens and fee income stabilizes.Analysts led by Richard Xu wrote in a late March note, as cited by Bloomberg: "The repricing of deposits and a move toward 'anti-involution' in loan pricing-reducing irrational competition-are among the factors expected to support NIM this year."Vivian Xue, a director for financial institutions at Fitch Ratings, said Chinese lenders' balance sheets will be supported by more cautious loan expansion and a commitment to actively clearing out "toxic assets," Bloomberg reported.

$HKG:1288$SHA:601288

US Markets9d ago

Equities Mixed Following Fed Pause; Oil Gains

US equities closed mixed Wednesday after the Federal Reserve kept interest rates steady at the end of what was likely Jerome Powell's last policy meeting as central bank chief.The Dow Jones Industrial Average fell 0.6% to 48,861.8, while the Nasdaq Composite and the S&P 500 were little changed at 24,673.2 and 7,136, respectively. Most sectors ended in the red, led by utilities, while energy paced the gainers.The central bank's Federal Open Market Committee left its policy rate unchanged as policymakers saw the Middle East conflict fueling uncertainty around the US economic outlook.In a post-meeting press conference, Powell said he will stay on as a Fed governor for an indefinite period after his term as Fed chief expires on May 15. Earlier in the day, the US Senate Banking Committee voted to advance Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate.Fed Governor Stephen Miran dissented from the majority at the meeting, preferring to reduce rates by a quarter percentage point, the FOMC said. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan supported the policy decision, but opposed including an easing bias in the statement.There were only minor changes to the policy statement, but overall sentiment "leaned slightly hawkish, with several participants voting against maintaining the current easing bias," TD Economics said in a report."It seems very unlikely that a Warsh Fed will quickly pivot to lowering interest rates," TD Senior Economist Thomas Feltmate said in a note. "Decisions are made by a majority vote, and it's becoming clear that many participants are reluctant to take rates any lower amid a resilient economy and still elevated inflationary pressures."Oil prices surged after President Donald Trump reportedly rejected an Iranian proposal to lift a US naval blockade. Brent crude was last up 7.5% at $119.62 per barrel, while West Texas Intermediate crude jumped 7.8% to $107.70.Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.In a social media post on Wednesday, Trump said Iran "better get smart soon.""Crude oil has resumed its war-driven rally, with Brent rising almost non-stop since a brief mid-month tumble to ($86 per barrel), when hopes for a peace deal and a short-lived reopening of the Strait of Hormuz triggered a sharp but temporary correction," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report Wednesday.US Treasury yields were higher, with the 10-year rate up 6.4 basis points at 4.42% and the two-year rate rising 9.1 basis points to 3.94%.In company news, Visa (V) shares jumped 8.3%, the biggest gain on the Dow, after the payments giant lifted its full-year growth outlook and reported better-than-expected fiscal second-quarter results.NXP Semiconductors (NXPI) shares surged nearly 26%, the best performer on the S&P 500, after the company reported fiscal first-quarter results late Tuesday.Brown-Forman (BF.A, BF.B) class B shares slumped 10%, among the steepest declines on the S&P 500. The company said late Tuesday that it and Pernod Ricard terminated discussions regarding a potential business combination.Gold fell 1% at $4,560.50 per troy ounce, while silver dropped 1.5% to $72.14 per ounce.

$^DJI$^IXIC$^SPX$BF.A$BF.B$NXPI$V

US Markets9d ago

Alphabet Beats First-Quarter Views Amid Google Cloud, Services Strength

Alphabet's (GOOG, GOOGL) first-quarter results exceeded Wall Street's estimates as revenue for Google's cloud and services businesses climbed.Per-share earnings rose to $5.11 from $2.81 a year earlier, compared with the GAAP consensus on FactSet of $2.63. Revenue increased 22% to $109.9 billion, above the Street's $106.96 billion view.The company's shares were up 5.4% in after-hours trading.The Google cloud segment's sales surged 63% to $20.03 billion, driven by enterprise artificial intelligence solutions and infrastructure, Alphabet said.Google services revenue increased 16% to $89.64 billion in the first quarter, buoyed by a jump in advertising to $77.25 billion from $66.89 billion."This was our strongest quarter ever for our consumer AI plans, driven by the Gemini App," Alphabet and Google Chief Executive Sundar Pichai said in a statement. "Overall the number of paid subscriptions has now reached 350 million, with YouTube and Google One being the key drivers."Wedbush Securities expected "another strong beat," saying Wall Street was underestimating growth potential of cloud, AI-powered search, and YouTube."This print will reinforce that Alphabet is well-positioned to grow across its vertically integrated AI flywheel spanning Gemini 3, custom (tensor processing units) silicon, a hyperscale cloud business at a ($70 billion-plus) run rate, and its valuable consumer ad property," Wedbush analysts, including Dan Ives, said in a note on Wednesday ahead of the earnings release.Alphabet's shares gained about 11% so far this year through Wednesday close.

$GOOG$GOOGL

US Markets9d ago

Update: Fed Keeps Rates Unchanged; Powell Says He'll Stay on as Governor

(Updates to include Jerome Powell's announcement that he'll stay on, and add TD Economics' commentary.)The Federal Reserve kept its benchmark lending rate steady on Wednesday, saying the Middle East conflict is fueling uncertainty around the US economic outlook.The central bank's Federal Open Market Committee left interest rates unchanged in a range of 3.50% to 3.75%, in line with Wall Street's expectations. This marked the FOMC's third consecutive pause.Last year, it delivered three back-to-back 25-basis-point cuts amid concerns about the labor market."Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook," the FOMC said Wednesday following its two-day meeting.In a post-meeting press conference, Fed Chair Jerome Powell said he will stay on as a Fed governor for an indefinite period after his term as Fed chief expires on May 15.US Attorney Jeanine Pirro recently closed a criminal investigation into Powell and instead asked the Fed's internal watchdog, the Office of Inspector General, to investigate cost overruns in the renovation of the central bank's Washington headquarters."I've said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that," Powell said. "I'm encouraged by recent developments, and I'm watching the remaining steps in this process carefully."Fed Governor Stephen Miran dissented from the majority at the meeting, preferring to reduce rates by a quarter percentage point, the FOMC said. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan supported the policy decision, but opposed including an easing bias in the statement.The FOMC said job gains remained low "on average," largely reiterating its previous assessment, while pointing out "elevated" inflation amid higher energy prices. Last month, the Fed described inflation as "somewhat elevated."The committee said that the unemployment rate had been "little changed" in recent months."In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks," the FOMC said, reiterating its previous stance.There were only minor changes to the policy statement, but overall sentiment "leaned slightly hawkish, with several participants voting against maintaining the current easing bias," TD Economics said in a report.Earlier in the day, the US Senate Banking Committee voted to advance Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate.Warsh is US President Donald Trump's pick to replace Powell. Trump has repeatedly criticized Powell for the central bank's cautious view on lowering interest rates."It seems very unlikely that a Warsh Fed will quickly pivot to lowering interest rates," TD Senior Economist Thomas Feltmate said in a note. "Decisions are made by a majority vote, and it's becoming clear that many participants are reluctant to take rates any lower amid a resilient economy and still elevated inflationary pressures."Fed policymakers' next meeting is scheduled for June 16-17."We see the Fed staying on hold through at least the summer, with the potential for more rate cuts later this year should inflation show more compelling evidence of moving back towards the Fed's 2% target," Feltmate said.US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the US-Israel war with Iran sent energy prices higher, the Bureau of Labor Statistics reported earlier this month.Oil prices rallied Wednesday, with Brent approaching $120 per barrel after Trump reportedly rejected Iran's proposal to lift the naval blockade of Iranian ports.

US Markets9d ago

Planet Fitness Could Miss Quarterly Street Views for Net Adds, Same-Store Sales Growth, RBC Says

Planet Fitness' (PLNT) first-quarter member net adds and same-store sales could fall short of Wall Street's estimates, while the company could "slightly" lower its full-year outlook amid high macro uncertainty, RBC Capital Markets said in a note e-mailed Wednesday.The brokerage lowered the fitness center operator's first-quarter net adds estimates to 680,000 from 990,000 and its same-store sales growth outlook to 3.1% from 4.4%. The Street expects net adds of 790,000 and a 3.5% increase in same-store sales, according to the RBC note to clients."Our RBC Elements app data tracker suggested (first-quarter) downloads were only up 0.3% (year over year), and the company called out elevated churn to start the year, given it was the first (first-quarter) with click-to-cancel," RBC analyst Logan Reich said. "While (Planet Fitness) may be a relative trade-down beneficiary in times of macro volatility, the elevated uncertainty in March could have been an incremental headwind to net member growth."The brokerage said the company could guide down its 2026 views "slightly" amid elevated macro pressures due to the Middle East conflict, worsening consumer sentiment, and the absence of a permanent chief financial officer.Last month, Planet Fitness said it appointed Tom Fitzgerald as interim CFO following the departure of Jay Stasz. Fitzgerald previously served as the company's finance chief. At the time, the fitness center operator reaffirmed its 2026 financial outlook.RBC reduced its price target on Planet Fitness' stock to $85 from $120 with an outperform rating. The brokerage cut its 2026 and 2027 top- and bottom-line projections for the company.Planet Fitness shares were down 1.1% in Wednesday late-afternoon trade. The stock has slumped 41% so far this year."We continue to believe all the medium- and long-term secular, demographic, and idiosyncratic drivers remain intact," Reich said. "However, we think the key factor to investors potentially getting more constructive following the print is what the company's commentary on the (long-term algorithm) is."Planet Fitness is scheduled to report its latest financial results May 7.Price: $63.98, Change: $-0.48, Percent Change: -0.74%

$PLNT

US Markets10d ago

Fed Keeps Rates Unchanged Amid Iran War-Related Uncertainty

The Federal Reserve kept its benchmark lending rate steady on Wednesday, saying the Middle East conflict is fueling uncertainty around the US economic outlook.The central bank's Federal Open Market Committee left interest rates unchanged in a range of 3.50% to 3.75%, in line with Wall Street's expectations. This marked the FOMC's third consecutive pause.Last year, it delivered three back-to-back 25-basis-point cuts amid concerns about the labor market."Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook," the FOMC said Wednesday following its two-day meeting.Fed Governor Stephen Miran dissented from the majority at the meeting, preferring to reduce rates by a quarter percentage point, the FOMC said. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan supported the policy decision, but opposed including an easing bias in the statement.The FOMC said job gains remained low "on average," largely reiterating its previous assessment, while pointing out "elevated" inflation amid higher energy prices. Last month, the Fed described inflation as "somewhat elevated."The committee said that the unemployment rate had been "little changed" in recent months.Earlier in the day, the US Senate Banking Committee voted to advance Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate.Warsh is US President Donald Trump's pick to replace Jerome Powell, whose term as Fed chief expires on May 15. Trump has repeatedly criticized Powell for the central bank's cautious view on lowering interest rates."In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks," the FOMC said, reiterating its previous stance.US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the US-Israel war with Iran sent energy prices higher, the Bureau of Labor Statistics reported earlier this month.Oil prices rallied Wednesday, with Brent approaching $120 per barrel after Trump reportedly rejected Iran's proposal to lift the naval blockade of Iranian ports.Policymakers' next meeting is scheduled for June 16-17.

US Markets10d ago

March Durable Goods Orders Rebound More Than Expected

Demand for US durable goods rebounded more than projected in March, led by computers and electronic products, while new orders for civilian aircraft slumped, government data showed Wednesday.Orders for tangible items with an average life of at least three years increased 0.8% sequentially to $318.88 billion last month, following a 1.2% drop in February, the Census Bureau said. The consensus was for a 0.5% gain for March in a survey compiled by Bloomberg.Demand for computers and electronic products rose 3.7%, while several other components also saw gains. New orders for defense aircraft and parts surged roughly 17% last month, while the civilian aircraft component tumbled 21%.Demand for defense capital goods jumped 18% month on month in March, while the nondefense component saw a 1.2% drop, the data showed.Earlier this month, planemaker Boeing (BA) said it booked orders for 161 aircraft in the first quarter, down from 241 a year earlier. For March alone, the company booked 33 gross orders.Government data showed Wednesday that US housing starts unexpectedly jumped in March amid strength in both single-unit and multi-family projects."Surging capital goods orders and housing starts in March suggest the US economy strengthened meaningfully in the first quarter," BMO Capital Markets Senior Economist Sal Guatieri said in a note.Excluding transportation, durable goods orders rose 0.9% last month, higher than Wall Street's 0.4% growth view, according to government data.Official data are expected to show Thursday that the US economy grew at a "solid" 2.3% annualized rate in the first quarter, Guatieri said Wednesday. "There appears to be no let-up in the (artificial intelligence-driven) investment boom."Price: $222.78, Change: $-7.94, Percent Change: -3.44%

$BA

US Markets10d ago

Equities Fall Intraday Ahead of Fed Rate Decision; Oil Prices Jump

US benchmark equity indexes were lower intraday ahead of the Federal Reserve's monetary policy decision.The Dow Jones Industrial Average was down 0.6% at 48,825.5 after midday, while the Nasdaq Composite lost 0.4% to 24,560.8. The S&P 500 fell 0.3% to 7,117. Barring energy, all sectors were in the red, led by industrials.Markets widely expect the US central bank's policy committee to keep its benchmark lending rate unchanged for a third consecutive meeting. Fed Chair Jerome Powell will hold a press conference at 2:30 pm ET.Ahead of the rate decision, the US Senate Banking Committee voted Wednesday to advance Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate.Warsh is President Donald Trump's pick to replace Powell, whose term as Fed chief expires on May 15. Trump has repeatedly criticized Powell for the central bank's cautious view on lowering interest rates.Today's monetary policy meeting could be Powell's last as Fed chief should the full Senate confirm Warsh in the week of May 11. Powell's term on the Fed's Board of Governors runs through January 2028, though its unclear if he would exit the Fed or decide to stay on.Oil prices surged Wednesday after Trump reportedly rejected an Iranian proposal to lift the naval blockade. Brent crude was up 7.1% at $119.20 per barrel, while West Texas Intermediate crude jumped 6.9% to $106.79.Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.In a social media post on Wednesday, Trump said Iran "better get smart soon.""Crude oil has resumed its war-driven rally, with Brent rising almost non-stop since a brief mid-month tumble to ($86 per barrel), when hopes for a peace deal and a short-lived reopening of the Strait of Hormuz triggered a sharp but temporary correction," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report Wednesday.US Treasury yields were higher intraday, with the 10-year rate up 5.3 basis points at 4.41% and the two-year rate rising 6.4 basis points to 3.91%.Magnificent 7 companies Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META) are scheduled to release quarterly results after the markets close.In company news, Visa (V) shares were up 9.1% intraday, the biggest gain on the Dow, after the payments giant lifted its full-year growth outlook and reported better-than-expected fiscal second-quarter results.Wingstop (WING) reduced its 2026 domestic same-store sales outlook as the restaurant chain reported weaker-than expected first quarter revenue. The stock was down 4.1% intraday.Gold fell 1% at $4,563.80 per troy ounce, while silver dropped 1.5% to $72.13 per ounce.

$^DJI$^IXIC$^SPX$AMZN$GOOG$GOOGL$META$MSFT$V$WING

US Markets10d ago

March Housing Starts Surge, Building Permits Tumble

US housing starts unexpectedly jumped in March amid strength in both single-unit and multi-family projects, while building permits fell sharply, government data showed Wednesday.Starts surged nearly 11% sequentially to a seasonally adjusted annual rate of 1.5 million units last month, according to the Census Bureau and the Department of Housing and Urban Development. The consensus was for a 0.4% drop in a survey compiled by Bloomberg. Preliminary February housing starts stood at 1.36 million units, according to official data."Homebuilding activity ended the first quarter with notable strength, hitting a 15-month high in March," Andrew Foran, an economist at TD Economics, said in a note.Starts on buildings with at least five units jumped 9.6% month on month to 446,000 units in March. The single-family component increased 9.7% to 1.03 million units. Consolidated housing starts increased in all regions, with the biggest gains of 25% and 12% seen in the Northeast and Midwest, respectively, according to government data.Building permits -- which is a forward-looking indicator of homebuilding -- slumped 11% on a monthly basis to 1.37 million units last month, while Wall Street expected a smaller 0.3% drop. Single-family unit permits declined 3.8%, while authorizations of buildings with five or more units sank 24%.Mortgage rates fell through the end of February, with the national average for the fixed 30-year rate reaching below 6% for the first time in almost four years, according to TD Economics."However, mortgage rates rose by roughly half a percentage-point in March, which was likely reflected in the sharp decline in residential permits during the month and points to softening momentum heading into April," Foran said.Earlier this month, the National Association of Home Builders and Wells Fargo said US homebuilder confidence sank in April to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates."Combined with the impact of revised primary metal tariff policies, higher mortgage rates, and elevated economic uncertainty, homebuilding activity is likely to remain constrained over the near term," Foran said Wednesday.

US Markets10d ago

Brent Approaches $120 Per Barrel as Trump Reportedly Rejects Iranian Proposal

Oil prices rallied Wednesday, with Brent approaching $120 per barrel after US President Donald Trump reportedly rejected an Iranian proposal to lift the naval blockade.Brent crude was last up 7.2% at $119.25 per barrel, having traded as high as $119.45 earlier in the day. West Texas Intermediate rose 7% to $106.91.Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.In a social media post on Wednesday, Trump said Iran "better get smart soon."A senior Iranian security source told state media Press TV that the US naval blockade will soon be met with "practical and unprecedented action."The rhetoric comes amid stalled peace negotiations between Washington and Tehran, though their ceasefire agreement appears to be holding. A separate truce deal is in place between Israel and Lebanon.Pakistani mediators expect a revised proposal from Iran by Friday, CNN reported."Crude oil has resumed its war-driven rally, with Brent rising almost non-stop since a brief mid-month tumble to ($86 per barrel), when hopes for a peace deal and a short-lived reopening of the Strait of Hormuz triggered a sharp but temporary correction," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report Wednesday.Besides the Iran war, markets are assessing the implication of the United Arab Emirates' decision to leave the Organization of the Petroleum Exporting Countries.The move marks a "major strategic shift (for the UAE), freeing it from production quotas that for years limited its ability to fully utilize expanding capacity," Hansen said.The UAE is set to increase oil production after walking away from oil cartel OPEC, ING Bank said in a report Wednesday."However, before this can be tapped, there must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again," ING said. "Therefore, in the short term, this development has little impact on the market. But in the medium to longer term, it means more supply for the market."

US Markets10d ago

Fed Chair Nominee Kevin Warsh Wins Senate Banking Committee Vote

The US Senate Banking Committee voted Wednesday to advance Kevin Warsh's nomination as Federal Reserve chair to the Republican-controlled Senate.Warsh is President Donald Trump's pick to replace Jerome Powell, whose term as Fed chief expires on May 15. Trump has repeatedly criticized Powell for the central bank's cautious view on lowering interest rates.The committee voted 13-11 to set Warsh up for a final confirmation vote in the Senate, hours before the Fed was scheduled to announce its decision on interest rates. The Federal Open Market Committee is widely expected to leave its policy rate unchanged later today.This could be Powell's last monetary policy meeting as Fed chief, assuming the full Senate confirms Warsh in the week of May 11.Powell's term on the Fed's Board of Governors runs through January 2028, though its unclear if he would exit the Fed or decide to stay on."If the Senate Banking Committee confirms Kevin Warsh tomorrow morning, Powell could potentially announce he is stepping down at the press conference, with Warsh presumably taking a seat at the helm for the June FOMC meeting," Stifel said in a note on Tuesday.Warsh served as a governor on the central bank's board from 2006 to 2011. Before joining the Fed, he was part of the George W. Bush White House and had worked at Morgan Stanley (MS).

US Markets10d ago

Wingstop Trims 2026 Same-Store Sales View After First-Quarter Revenue Miss

Wingstop (WING) reduced its 2026 domestic same-store sales outlook as the restaurant chain reported weaker-than expected first quarter revenue.Revenue increased 7.4% to $183.7 million from a year earlier, trailing the consensus on FactSet of $187.8 million. Non-GAAP earnings rose to $1.18 per share from $0.99, topping Wall Street's estimate of $1.03.Domestic same-store sales in the three months ended March 28 fell 8.7% as transaction volumes declined amid continued pressure on consumer spending.RBC Capital Markets predicted last week that Wingstop's first-quarter same-store sales would decline by 6.8%, compared to the Street's view for a 5.2% drop, prompting a cut in full-year guidance amid a tough macro environment.Wingstop's shares fell 0.5% in Wednesday trading, paring earlier losses. The stock has slumped 28% this year."Our focus in the first quarter centered upon enhancing unit economics for our brand partners and advancing our strategies that we believe will position us to return to same-store sales growth," CEO Michael Skipworth said in a statement.The company revised its full-year domestic same-store sales guidance to a low-single-digit decline from the prior outlook of flat to low-single-digit growth, citing economic uncertainty."We believe 2026 is going to be a transformational year for Wingstop and remain extremely confident in the long-term opportunity in front of us," Skipworth said.Royalty revenue and franchise fees rose to $87.5 million in the first quarter from $78.8 million a year earlier. Advertising fees and company-owned restaurant sales also increased.On Wednesday, Yum Brands (YUM) logged first-quarter results above Wall Street's estimates. On Monday, Domino's Pizza (DPZ) reported weaker-than-expected first-quarter results.Price: $172.09, Change: $-0.91, Percent Change: -0.53%

$DPZ$WING$YUM

US Markets10d ago

Etsy Tops First-Quarter Sales Views, Swings to Earnings

Etsy's (ETSY) first-quarter revenue rose more than Wall Street's expectations, helping the online marketplace swing to earnings.Revenue for the March quarter increased to $631.3 million from $612.2 million and surpassed the FactSet-polled consensus of $619.6 million. Etsy swung to first-quarter earnings of $0.89 per share from a loss of $0.33 per share a year earlier.Gross merchandise sales, which measures the total dollar amount of items sold on the platform, grew 5.5% to $2.46 billion on a non-GAAP basis.The metric for continuing operations, which exclude Depop's results, fell 3.9%. Etsy in February agreed to sell fashion marketplace Depop to eBay (EBAY) for $1.2 billion. Additionally, Reverb's results are included in last year's continuing operations, but not in the March 2026 quarter. Reverb was sold in June 2025.Analysts expected GMS of $2.44 billion."We are beginning to see early improvements in customer behavior that reflect progress against our strategy: active buyers grew sequentially for the first time in two years, though still down from the prior year, and we delivered year-over-year growth in new buyers, active sellers, and GMS per buyer, alongside continued momentum in our mobile app," according to a shareholder letter.Shares of Etsy were up 11% intraday Wednesday. The stock has gained about 26% so far this year.For the current quarter, the company is projecting GMS of $2.48 billion to $2.53 billion, representing a 3% to 5% year-over-year growth for the Etsy marketplace. The Street is looking for $2.45 billion."For the full year, we now anticipate that GMS growth will be in the low single-digit range, as our outlook for the Etsy marketplace has improved relative to the full year commentary provided in mid-February," the company said.The company previously anticipated "slight" year-over-year growth in 2026 GMS.Price: $67.97, Change: $+4.76, Percent Change: +7.53%

$ETSY

Showing 161-180 of 472

US Markets9d ago